The document discusses market equilibrium and how it is achieved through the balance of supply and demand at a certain price. It provides examples of how equilibrium price and quantity change when supply or demand changes, such as equilibrium price and quantity increasing when demand rises and decreasing when supply rises. The examples are shown through graphs to illustrate these concepts of how market forces establish equilibrium in competitive markets.
This document discusses supply and demand equilibrium. It provides examples of supply and demand schedules and graphs to illustrate how equilibrium price and quantity are determined. The key points are:
1) Equilibrium is reached where the quantity demanded is equal to the quantity supplied, known as equilibrium quantity.
2) The price at which equilibrium quantity is achieved is called the equilibrium price.
3) By analyzing supply and demand schedules and graphs, we can see that the equilibrium price in the example is 3 units and the equilibrium quantity is 30 units.
The document discusses market equilibrium and how it is achieved through the balance of supply and demand at a certain price. It provides examples of how equilibrium price and quantity change when supply or demand changes, such as equilibrium price and quantity increasing when demand rises and decreasing when supply rises. The examples are shown through graphs to illustrate these concepts of how market forces establish equilibrium in competitive markets.
This document discusses supply and demand equilibrium. It provides examples of supply and demand schedules and graphs to illustrate how equilibrium price and quantity are determined. The key points are:
1) Equilibrium is reached where the quantity demanded is equal to the quantity supplied, known as equilibrium quantity.
2) The price at which equilibrium quantity is achieved is called the equilibrium price.
3) By analyzing supply and demand schedules and graphs, we can see that the equilibrium price in the example is 3 units and the equilibrium quantity is 30 units.
I posted this to help students in studying their lesson in economics. this will be helpful to those students who doesn't have books especially the students in public schools.